Actuaries work in the assessment and management of the financial risks faced by insurance companies, superannuation funds and other entities. These risks include illness, disability or death of individuals, as well as risks to property (motor vehicles, buildings, etc.). The actuary’s work is based on a multi-disciplinary background in mathematics, statistics, finance and economics.

A major in Actuarial Studies will give you a firm grounding in the traditional actuarial skill set of mathematics, statistics, demography, finance and economics. Specifically, you’ll learn from subjects covering actuarial techniques and life insurance modelling, through to the mathematics of finance and insurance risk models. This background, coupled with strong analytical skills, sees actuaries serving as financial advisers to a range of organisations including insurance companies, banks and other financial institutions, superannuation funds and governments

Why commerce at Melbourne?

• We are Australia’s #1 university for business and management: Including #1 for quality of teaching (Times Higher World University Rankings 2020)
• Build a strong foundation in core commerce subjects while discovering where your passions lie:
  Your majors and electives will deepen your commerce knowledge, while breadth subjects will complement your studies
• Be workforce and career ready after three years: 80% of our graduates are employed full-time within the first four months of graduating, with 34% securing a job with EY, Deloitte, KPMG, PwC or NAB (Graduate Outcomes Survey, 2018)
• Be close to the central business district thanks to our central Melbourne campus location
• Feel confident in your future as a Melbourne commerce graduate, no matter your career goals
  You will have an outstanding reputation among employers for your strong understanding of business processes, resourcefulness and problem-solving and leadership skills
• Gain practical experience, build networks and access an engaged alumni community
  Our strong industry connections with leading firms and organisations through our consulting subjects, student clubs, case competitions, and exclusive programs mean you’ll have a competitive edge in the workforce

Your first job could see you as a:

• Actuarial analyst
• Pricing associate
• Portfolio analyst

In 5-10 years, you’ll progress to roles such as:

• Actuarial Consultant
• Data Engineer
• Insurance Pricing Manager

And in 15-20 years you could be a successful:

• Head of Portfolio Strategy
• Head of Pricing and Profitability
• Life Insurance Appointed Actuary

PROFESSIONAL ACCREDITATION

To qualify as an actuary in Australia, you must pass (or be exempt from) all three parts of the professional accreditation process prescribed by the Actuaries Institute (Australia).

All of Parts I and II are covered by subjects taught during the Bachelor of Commerce (Honours) degree. The Actuaries Institute (Australia) administers Part III.

The University of Melbourne is one of only seven institutions in Australia that has full accreditation from the Actuaries Institute (Australia); in addition to the Faculty of Business and Economics being designated as a Centre of Actuarial Excellence by the US Society of Actuaries.